The Dales Report | Trade to Black

Rumors circulating in Washington have raised a new question for the cannabis industry: what would happen to federal cannabis rescheduling if Pam Bondi were removed from office? In this episode of TDR Cannabis in Five powered by Flowhub, host Shadd Dales breaks down how the federal rescheduling process actually works and why a leadership change at the United States Department of Justice would not s...

Congress has advanced a new version of the U.S. Farm Bill that includes updated hemp provisions, but notably lawmakers did not include the delay hemp stakeholders were requesting for a federal THC ban. That decision could have major consequences for the fast-growing hemp-derived cannabinoid market. In this episode of TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down what just...

A lot of cannabis investors still haven’t fully recovered from the December 18 pullback. Since then, the sector has struggled to regain momentum and many traders watching the tape believe something unusual has been happening around the MSOS ETF, especially around option expiries and large flow days. Whether it’s heavy volume without price movement, short interest shifting between MSOS and MSOX, or...

A new op-ed published in Marijuana Moment is raising questions about the future of the U.S. cannabis industry. Written by Gennaro Luce and Matthew Myro Rothman, the piece argues that even if the federal government moves cannabis from Schedule I to Schedule III under the Controlled Substances Act, that change alone may not be enough to stabilize the industry long-term. In this episode of TDR Cannab...

In the latest episode of Trade To Black presented by Flowhub, host Shadd Dales and Anthony Varrell break down the latest developments emerging from today’s Farm Bill hearing in Washington, where lawmakers are debating how hemp and cannabis policy could be redefined moving forward. There’s a lot riding on what happens in this bill on how hemp-derived cannabinoids will be regulated. Then we turn to...

Welcome back to TDR Cannabis in Five delivered by FrePouch.com with host Shadd Dales. Massachusetts has been raising eyebrows in recent months after a proposal surfaced that would effectively roll back legal marijuana sales in the state. But the latest polling data suggests the outcome may already be clear: voters overwhelmingly oppose the idea of reversing legalization. A new statewide poll shows...

On the latest episode of Trade To Black presented by Flowhub, host Shadd Dales and Anthony Varrell sit down with the CEO of Safe Harbor Financial (NASDAQ: SHFS) to break down the surge of cannabis banking in emerging markets over the past year. Safe Harbor reported a 29% year-over-year increase in average deposit balances across emerging U.S. markets. Those markets now account for 31% of total dep...

In this episode of TDR Cannabis in Five, host Shadd Dales breaks down a growing question in the cannabis industry: can federal cannabis rescheduling still move forward during a time of geopolitical conflict? With global tensions escalating, oil prices reacting, and concerns rising about inflation and supply chain risk, investors are reassessing market exposure across sectors. Naturally, that has l...

In the latest Trade To Black podcast presented by Flowhub, host Shadd Dales and Anthony Varrell break down one of the most consequential federal cannabis stories of the year. The U.S. Supreme Court is now hearing arguments in a case that directly impacts marijuana users and their Second Amendment rights. At issue: whether federal law banning firearm possession by cannabis consumers remains constit...

In the latest TDR Cultivation Series, host Shadd Dales continues the progression from premium positioning to process discipline — this time focusing on next-generation cultivation inputs and the systems powering scalable cannabis production. After outlining why premium flower is now the baseline and why consistency functions as risk management, this episode shifts toward structured nutrient platfo...

In the latest TDR Cannabis in Five, host Shadd Dales breaks down Congress’ move to ban intoxicating hemp products — and why the conversation online has become so divided. Lawmakers are targeting products like THCA flower, Delta-8, Delta-10, HHC, and other lab-converted cannabinoids that emerged from the 2018 Farm Bill hemp loophole. That loophole defined hemp by pre-decarboxylation THC levels, all...

In the latest TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down major progress in Virginia’s long-delayed adult-use cannabis market. After legalizing adult possession in 2021, commercial cannabis sales in Virginia stalled due to repeated vetoes under former Governor Glenn Youngkin. Now, with a Democratic majority in the General Assembly and Governor Abigail Spanberger signali...

This earnings season feels different in cannabis. In the latest TDR Trade To Black podcast presented by Flowhub, host Shadd Dales quickly recaps new earnings from Trulieve (OTCQX: TCNNF) and Curaleaf (TSX: CURA) before sitting down with Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP) for a conversation about what’s really changing across the sector. Major MSOs — including Green Thu...

Earnings season is here, and on today’s episode of Trade To Black presented by Flowhub, hosts Shadd Dales and Anthony Varrell take a grounded look at what’s ahead for the cannabis sector. First up is Green Thumb Industries (CSE: GTII | OTCQX: GTBIF), the largest operator in the space, reporting its Q4 and full‑year fiscal 2025 results after market close. To give viewers some context, the team revi...

In the latest TDR Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down the day that feels like the temperature continues to rise across the cannabis industry. First up news out of Florida, where state officials have reset marijuana legalization campaign signatures to zero amid ongoing legal challenges. For one of the largest medical cannabis markets in the...

In the latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down one of the most pivotal weeks in cannabis industry news. Rumors are intensifying that federal cannabis rescheduling could be finalized soon. Could marijuana officially move to Schedule III — and what would that mean for MSOs, capital markets, and institutional investment? Meanwhile, Green Th...

In the latest episode of TDR Cannabis in 5, host Shadd Dales shifts the cultivation conversation from quality and consistency to something the industry can’t ignore anymore — measurable performance. As federal rescheduling discussions continue and institutional capital watches from the sidelines, cannabis cultivation is entering a new phase. It’s no longer just about growing premium flower. It’s a...

March has developed a reputation in cannabis equities — and it’s not always obvious why. In this episode of TDR Cannabis in Five presented by Flowhub, Shadd Dales steps back from daily headlines and earnings reports to examine something more structural: seasonality in cannabis stocks. Looking back roughly 10–15 years — from early Canadian LP cycles to modern U.S. MSO volatility — March has often b...

Well this might go down as OGI Week in cannabis. In this episode of TDR Weekly Recap presented by FREpouch.com, Shadd Dales breaks down one of the busiest weeks on the business side of the cannabis industry in months. Major developments from: • Organigram Global (NASDAQ: OGI | TSX: OGI) • Curaleaf Holdings (TSX: CURA | OTC: CURLF) • Green Thumb Industries (CSE: GTII | OTC: GTBIF) • Tilray Brands (...

The U.S. cannabis map is shifting heading into 2026.In this episode of TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down the Top Cannabis Markets in America — the states driving revenue, shaping policy, and influencing capital allocation across the industry. From California’s cultural dominance to Michigan’s volume machine…From Illinois’ pricing power to Colorado’s operational mat...

In the latest episode of the Trade to Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down more headlines in what is proving to be a busy week on the business side of the cannabis industry. First up, Organigram Holdings Inc. (NASDAQ: OGI) continues their hot week with yet another announcement that includes a C$65.2 million BAT private placement investment from Briti...

In this episode of TDR Cannabis in Five presented by Flowhub, Shadd Dales breaks down new momentum building around adult-use marijuana legalization in Pennsylvania after the Pittsburgh City Council passed a resolution urging lawmakers to act in 2026.But the real headline? The Pennsylvania District Attorneys Association has endorsed the creation of a cannabis control board. That changes the politic...

In the latest episode of TDR Cannabis in Five presented by Flowhub, host Shadd Dales breaks down comments from former White House drug czar William Bennett, who says President Trump is wrong to pursue marijuana rescheduling and continues to describe cannabis as a “gateway drug” that is “massively destructive.”Bennett, who served as the first Director of the Office of National Drug Control Policy d...

On today’s episode of TDR Trade to Black presented by Flowhub, Shadd Dales and Anthony Varrell talk through four cannabis policy stories and what they could mean going forward. A former White House drug czar is criticizing efforts to reschedule marijuana, calling cannabis a gateway drug and arguing the move is the wrong direction. We discuss the political backdrop, where rescheduling actually stan...

In the latest episode of TDR Cannabis in Five presented by FRE Nicotine Pouch, host Shadd Dales breaks down the new 2026 Farm Bill draft released by House Agriculture Committee Chairman Glenn “GT” Thompson — and what it could mean for the future of hemp and intoxicating hemp products in the United States. The proposal, formally titled the 2026 Farm, Food and National Security Act, aims to reduce r...